Field Specific Skills
ICT Competence: Basic
English Language Skills: Basic
Action type: Simple actions that can be implemented immediately without requiring an investment
A specific set of rules, some very technical, are absolute requirements for your company's continued existence. For instance, you must decide what legal form your business will take, design an accounting system, and comply with regulations covering labour practices, occupational health and safety, and training. Some general lines are respected all over the world, but mostly these technicalities are country specific and need to be followed as such. Also, if in some countries, such as the UK, it is possible to set up a company in one day, in others it may take months.
In business, you can start a company in your own name. A group can form a registered partnership or an incorporated company with a different set of rules, privileges and responsibilities. If you have several partners, you should draw up a shareholder’s agreement to define a mutual code of conduct. Or you could decide to form a cooperative or not-for-profit organization - NGO.
Be sure to patent your ideas, or at least ensure that they are protected by a copyright, registered trademark, or trade secret. There is the possibility you might be infringing on the rights of another company in this regard.
a). Steps to setting up a company in your country of residence
Here are some basic steps necessary to set up a company. These are general things one goes through when setting up a firm, but steps do differ according to national requirements.
- Contact the responsible national authority and fill in the necessary paperwork
- Sort out insurance cover
- Choose a business name (here is where you need to check copyright laws)
- Set up a business bank account
- Get compliant: make sure that you satisfy all regulatory issues such as, health & safety, licensing, data protection, etc.
- Start accounting for everything: set up your own simple book-keeping system
- Sort out your work space
b). Setting up a business in another EU country
As an EU citizen, you are entitled to:
- set up your own business (even as a sole trader) in any EU country, Iceland, Norway or Liechtenstein
- set up a subsidiary branch of an existing EU-based business that is already registered in one EU country
Please also refer to Action 1. Defining Entrepreneurship (Business Model Canvas vs. Business Plan) for information on the Business Plan and Business Model Canvas.
Time required to implement a solution and when possible associated cost
This may take from a minimum of one day in some countries, to weeks in other countries.
This is an elementary and mandatory level of action for all companies.
Informative Text (Sources)
- Watson, Erika (2018, January 18). How to Set-up a Business Today: 7 Simple Steps retrieved from
- Ramdev, Vinil (2016, June 23). 8 Things to Know Before Starting a Business, retrieved from https://www.entrepreneur.com/article/277991
- Business Development Canada. 7 tips for starting a business successfully https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/pages/7-successful-start-up-tips.aspx
- Harroch, Richard (2018, July 15). The Complete 35-Step Guide for Entrepreneurs Starting A Business retrieved from
Cross Border remark
Cross border differences apply since this action is country specific.